YES Bank shares slip below Rs 21; here's what tech charts suggest about the stock
YES Bank has gained about 7 per cent in the last one month period. The lender was commanding a total market capitalization of more than 60,000 crore.
- Dec 21, 2023,
- Updated Dec 21, 2023 3:09 PM IST
YES Bank had tested its 52-week high at Rs 23.05 on Tuesday, December 19, surging about 65 per cent from its 52-week low at Rs 14.10 hit about 2 months ago. The stock has gained about 7 per cent in the last one-month period. The lender was commanding a total market capitalization of more than 60,000 crore. Technical analysts suggest that the current levels are decent to enter the stock to participate in the ongoing rally in the stock. However, one should be cautious over the volatility in the markets and the stock and respect the stop loss levels. YES Bank has again provided buy opportunity after the sharp sell-off in the previous session as Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers
Also read: YES Bank stock rebounds 61% in two months; is it a value buy or momentum trap?
"Since the support zone of Rs 19-20 is very reliable along with volume buying is seen from lower levels which is affirming our bullish stance in the counter," he added. "On the indicator front, daily DMI and RSI (relative strength index) are hinting at a bullish bias in the counter. Thus, one can buy in the range of Rs 20–21 for a target of Rs 26 and a stop-loss of Rs 17 on a daily close basis." Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets, observes that the YES Bank is currently in a phase of higher bottom formation, with robust support levels in the range of Rs 20-19. "Momentum indicators are showing positive trends, and the stock is outperforming the benchmark indices. Taking these factors into consideration, one can maintain a position in the stock with a stop loss set at 18. On the upside, there is potential for the stock to reach levels of Rs 22 and Rs 24." Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said that YES Bank has witnessed resistance near Rs 23.05 zone and with profit booking seen has slipped down with near-term support visible near the important 50-EMA level of Rs 19.50 where it can find consolidation. "From current levels for the bias to improve it needs to move past the Rs 21.20 zone to confirm a decent pullback and anticipate further rise. One can buy at current levels maintaining a strict stop loss of Rs 19.50 levels and anticipate retesting the Rs 23 zone." Echoing the similar tone, VLA Ambala, co-founder at Stock Market Today said that this dip is a buying opportunity. "Looking good to buy above Rs 22.30 only if anyone is looking for a breakout move. If your view is long term, then consider Rs 17.60 to Rs 21 a buying range for a long-term target of Rs 24 and 38. Strictly stop loss to be followed should be Rs 15," she said.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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YES Bank had tested its 52-week high at Rs 23.05 on Tuesday, December 19, surging about 65 per cent from its 52-week low at Rs 14.10 hit about 2 months ago. The stock has gained about 7 per cent in the last one-month period. The lender was commanding a total market capitalization of more than 60,000 crore. Technical analysts suggest that the current levels are decent to enter the stock to participate in the ongoing rally in the stock. However, one should be cautious over the volatility in the markets and the stock and respect the stop loss levels. YES Bank has again provided buy opportunity after the sharp sell-off in the previous session as Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers
Also read: YES Bank stock rebounds 61% in two months; is it a value buy or momentum trap?
"Since the support zone of Rs 19-20 is very reliable along with volume buying is seen from lower levels which is affirming our bullish stance in the counter," he added. "On the indicator front, daily DMI and RSI (relative strength index) are hinting at a bullish bias in the counter. Thus, one can buy in the range of Rs 20–21 for a target of Rs 26 and a stop-loss of Rs 17 on a daily close basis." Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets, observes that the YES Bank is currently in a phase of higher bottom formation, with robust support levels in the range of Rs 20-19. "Momentum indicators are showing positive trends, and the stock is outperforming the benchmark indices. Taking these factors into consideration, one can maintain a position in the stock with a stop loss set at 18. On the upside, there is potential for the stock to reach levels of Rs 22 and Rs 24." Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said that YES Bank has witnessed resistance near Rs 23.05 zone and with profit booking seen has slipped down with near-term support visible near the important 50-EMA level of Rs 19.50 where it can find consolidation. "From current levels for the bias to improve it needs to move past the Rs 21.20 zone to confirm a decent pullback and anticipate further rise. One can buy at current levels maintaining a strict stop loss of Rs 19.50 levels and anticipate retesting the Rs 23 zone." Echoing the similar tone, VLA Ambala, co-founder at Stock Market Today said that this dip is a buying opportunity. "Looking good to buy above Rs 22.30 only if anyone is looking for a breakout move. If your view is long term, then consider Rs 17.60 to Rs 21 a buying range for a long-term target of Rs 24 and 38. Strictly stop loss to be followed should be Rs 15," she said.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: Zomato is CLSA's top pick in consumer space; foreign brokerage shares target price
Also read: Stock recommendations by market analysts for December 21, 2023: Oil India, ONGC and Asian Paints